Forecast released on the global subsea umbilicals, risers and flowlines market

The global market is projected to display robust growth represented by a CAGR of 11.63% during 2018 - 2023, chiefly driven by high demand for energy in the American and Asian regions.

Moreover, escalating demand for oil and gas coupled with increasing deepsea developments has facilitated growth in the market for SURF (subsea umbilical, riser and flowline). Increasing demand for using capital intensive techniques in unconventional sources, and increase in deepwater explorations to increase oil productivity has further accelerated SURF installations in the offshore oil and gas production projects.

The decline in crude oil prices, depleting oil reserves and global economic slowdown has presented fresh challenges to explore undiscovered reservoirs. In terms of segmentation, the market is categorised on basis of type (umbilical, riser and flowline). South America has been leading the market due to offshore activities in Brazil with the share of around 30%, APAC and Middle East is expected to witness a higher growth rate till 2023.

Companies featured include: Actuant Corporation, Aker Solutions, DeepOcean Group Holding BV, McDermott International Inc., Ocean Installer AS, Prysmian group, Saipem, Subsea 7 and TechnipFMC.

Read the article online at: https://www.worldpipelines.com/business-news/10102018/forecast-released-on-the-global-subsea-umbilicals-risers-and-flowlines-market/